Vietnam seeks EU investment to upgrade exports and supply chains

Vietnam is seeking greater European investment and technology transfers to develop higher-value exports and support its green and digital transitions, Deputy Minister of Industry and Trade Luong Hoang Thai told a bilateral economic forum in Hanoi on November 4.

Thai said Vietnam wanted technology-intensive goods, products processed to a greater extent and those with higher added value to account for a larger share of exports to Europe. He also highlighted Vietnamese demand for European equipment, machinery, materials and advanced technology.

Vietnam-EU trade totalled US$65.48 billion in 2026’s first nine months, nearly 20 per cent higher year on year. Bilateral relations were elevated to a Comprehensive Strategic Partnership in 2026, building on the EU-Vietnam Free Trade Agreement (EVFTA), which has been in operation for more than six years.

On energy, Thai called for European commitments under the Just Energy Transition Partnership to be turned into financial assistance and technology transfers. He said the partnership should develop further as a means of attracting long-term investment on commercially attractive terms from a broader range of participants.

Thai warned that protectionism, tougher non-tariff requirements and trade competition were putting businesses under pressure. As the EU signs agreements with other partners, he said Vietnam could not depend on tariff benefits alone to remain competitive.

EU Ambassador to Vietnam Julien Guerrier said businesses needed to turn political commitments into investments and commercial projects. He stressed effective EVFTA implementation and clear, consistently applied rules, saying the EU supported Vietnam’s shift towards risk-based management and more uniform regulation across provinces. Investment opportunities should also be accessible to small and medium-sized enterprises, he said.